Update to Vendor Bank Accounts

On January 29, The News & Observer published an article about Appalachian State University’s financial loss caused by scammers who falsified vendor banking information in a money laundering scheme.

To tighten our own policies, Finance Procedure 1218.1, Determining Vendor Documentation, has been updated to include how changes to vendor bank accounts should be reported to Disbursement Services through Campus Vendor.

Changes to vendor direct deposit bank accounts need to be confirmed by the department requesting the update, with a known contact at the vendor. Also, submit a completed direct deposit authorization form for vendors and a copy of a void check or bank letter, through Campus Vendor in Connect Carolina.